Technology has changed the way we deal with money & the brands that manage it

There was a time when the simplest economic transactions involved multiple dull tasks, which often included a trek to a bank branch and a conversation with another human being, who may or may not be of a particularly genial disposition. Today, sometimes all it takes are a few clicks or a couple of swipes on a smartphone. No human contact needed. The effect of technology and the digital age on the banking, financial services and insurance sector (BFSI) has been extraordinary. It has transformed businesses, brands and how they interact with customers.

In this special issue of Brand Equity we take a look at how technology disrupted marketing in BFSI and how brands are using digital tools at their disposal to better serve their customers. And yes, we ask some tough questions.

One of the biggest technological disruptors that has given bankers a run for their money is the digital wallet. Having said that, the question no longer is if mobile payment wallets are a threat to banks. Now we must ask what's the banking industry doing to fight back? Till a few years ago, Facebook and Twitter were used for self-promotion, spying, sharing memories and "moments", and suffering cringeworthy aphorisms from mawkish acquaintances you follow. While we're still victims of all of the above, now you can also bank on Twitter! But we can't help but wonder is social banking grand or gimmick? It's not just how economic transactions are done that's changed, though.

Social media has dramatically impacted how financial institutions reach, target and communicate with their customers. BFSI brands were early adopters of social media. Today they do everything from the rudimentary like disseminating information about services and products to educating customers and running contests to using social media for affinity targeting. Like, say, the couple that just got engaged and immediately put up a Facebook update about their upcoming nuptials. They'll probably need a car soon. Then a home. So here's a loan! In these pages you'll read about the great social experiment and how well it has worked for some of the country's biggest institutions, in terms of helping them target or just connect better with consumers. We also see how FinTech startups are changing the banking landscape. And we have industry veterans shedding light on how technology has transformed their businesses and legacy brands.

In conclusion, dear reader, this is an issue of Brand Equity you ought not to skip like you would a YouTube pre-roll. And you can bank on it.

Separately, RCom initiated contempt proceedings in the apex court against the Department of Telecommunications, blaming it for delaying a spectrum sale that would have enabled dues to be paid to Ericsson and lenders.